How Long Does It Take for $6,000 Invested at 9

question 16

Multiple Choice

How long does it take for $6,000 invested at 9% annual simple interest to be worth $10,500? Round your answer to two decimal places. ​

• A) 30.56 years
• B) 83.33 years
• C) 8.33 years
• D) 4.76 years
• E) 0.83 years

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Definitions:

Provisions

Specific clauses or articles in a contract or legal statute detailing certain conditions, requirements, or stipulations.

Unconscionability

A legal doctrine that describes terms so extremely unjust, or overwhelmingly one-sided in favor of the party who has the superior bargaining power, that they are deemed contrary to good conscience.

Good Faith

Acting with honesty, fairness, and sincerity without any intent to deceive or defraud.

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Business activities, methods, and policies that are engaged in by entities involved in the buying, selling, and providing of goods and services.